Norway's Ethics Council pause criticized by former member

Former member of the Norwegian Oil Fund's Ethics Council, Cecilie Hellestveit, has criticized the decision to pause the council's operations for nine months. She argues that Norway has lost its influence as a driver for ethical investments due to this pause.

Hellestveit noted that the council's transparency previously encouraged other investors to follow the fund's lead, with up to 15 percent of other shareholders sometimes following the fund's divestments. She warned that lacking a formal withdrawal mechanism makes it difficult to ensure the fund does not profit from war crimes, genocide, or child prostitution.

Carine Smith Ihenacho, Director of Ownership and Compliance for the fund, stated that they remain confident in adhering to OECD guidelines for multinational enterprises. Additionally, State Secretary Ellen Reitan of the Ministry of Finance clarified that Norges Bank is responsible for ensuring investments do not violate international law and must seek guidance and divest if necessary.